8-KLeadership ChangesExhibits & Filings

FORD MOTOR CO 8-K Report, Executive Changes (May 10, 2024)

Filed May 10, 2024For Securities:FF-PCF-PDF-PB

Summary

Ford Motor Company (F) has announced significant changes to its finance leadership team through an 8-K filing. Effective June 3, 2024, John Lawler will transition from his role as Chief Financial Officer (CFO) to the newly created position of Vice Chair, while retaining his CFO responsibilities during a transition period. Concurrently, Sherry House has been appointed Vice President of Finance, and is expected to succeed Mr. Lawler as CFO after this transition. These leadership changes are accompanied by notable adjustments to executive compensation. Mr. Lawler's appointment to Vice Chair includes an increase in his annual bonus target to 150% and his annual stock award target to $6.5 million, reflecting his expanded role. Ms. House's compensation package is substantial, featuring a $900,000 base salary, a 125% annual bonus target, a $5 million annual stock award, and a significant $4.25 million sign-on bonus, underscoring her senior appointment and prior experience.

Key Highlights

  • 1John Lawler appointed Vice Chair, effective June 3, 2024, while continuing as CFO during a transition.
  • 2Sherry House appointed Vice President of Finance, expected to become the next CFO.
  • 3Mr. Lawler's annual bonus target increased to 150% and annual stock award target to $6.5 million.
  • 4Ms. House receives a $900,000 base salary and a 125% annual bonus target.
  • 5Ms. House is granted a $5 million annual stock award target under the 2023 Long Term Incentive Plan.
  • 6Ms. House receives a $4.25 million sign-on bonus, comprising $1.25 million in cash and $3 million in restricted stock units.

Frequently Asked Questions

This 8-K filing announces key changes in Ford's senior finance leadership. It details the appointment of John Lawler to Vice Chair and the hiring of Sherry House as Vice President of Finance, with an expected succession plan for the CFO role.

As Vice Chair, Mr. Lawler will oversee broader strategic responsibilities. He will continue to serve as CFO during a transition period and will eventually transition solely to the Vice Chair role. His compensation has been adjusted to reflect this expanded position.

Sherry House joins Ford from Lucid Motors where she served as CFO. She has prior experience at Waymo and is expected to transition into the CFO role after working with Mr. Lawler for a period.

John Lawler's compensation sees increases in his annual bonus target (to 150%) and annual stock award target (to $6.5 million). Sherry House's compensation package includes a $900,000 base salary, a 125% bonus target, a $5 million annual stock award, and a substantial $4.25 million sign-on bonus.